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Zephyr Insurance Company, Inc.

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Reviews Zephyr Insurance Company, Inc.

Zephyr Insurance Company, Inc. Reviews (4)

Thank you for the opportunity to respond to the policyholder's concerns regarding the mortgage payment and reinstatement of their Zephyr Insurance Company's hurricane insurance policyZephyr insures against the catastrophic peril of hurricane and although the peril is seasonal (June through
November), our rates are structured on an annual basisAnnual payment for this seasonal exposure is the most appropriate way for us to protect our policyholders and maintain the integrity of our overall program.In February, the insured stopped making payments and as a result the policy was scheduled to cancel for non-payment with a future effective equity date in MayA notice of cancellation was sent to all interested parties including the mortgagee on the policy.Shortly after the notice, the mortgagee called to request the balance due and made payment to continue coverage, and as the lender on the policy they require hurricane coverage as a condition of the loanSince we had not received a request from the insured to cancel the policy and payment was received prior to the cancellation date, the policy was reinstated accordingly.When we followed up with the agent on the policy, they advised that the insured did not request to cancel the Zephyr policy but intended to let it lapseIn an act of good faith, we offered to reverse the reinstatement and refund the payment back to the mortgagee but were advised that the insured now wants to keep the hurricane coverageWe advised the agent that if the insured does decide to cancel the policy upon renewal they must submit a written request as out***ed in the cancellation policyTo date, we have not received a request from the policyholder to cancel the policy and thus, it remains active.We hope this adequately explains Zephyr Insurance Company's cancellation policy and the events that occurred with the policy

Complaint: [redacted]
I am rejecting this response because:Although I am accepting to keep the coverage that I currently have with Zephyr, valid points need to be made in regards to Zephyr's response:1)  As I have stated earlier, and spoken to the Zephyr agent about, This change in carrier was mid-term.  Zephyr did not have a problem with insuring the $386,000 when the policy was renewed in July of 2017.2)  It was not mandatory for me to increase my Coverage A with [redacted] Insurance, it was something I elected to do voluntarily.3)  Zephyr has the right to make the client increase the Coverage A amount on the ORGININATION DATE.4)  I offered to drop their coverage and find another carrier, but they refused to do so.  I understand this, because once again, I am mid-term of the policy; I understand that I can cancel the policy, but will get zero money back.  (Zephyr only makes a few exceptions to cancel the policy mid-term and get your money back)5)  Again, this is not a NEW contract, therefore I will not sign any document forcing any additional liability to myself.  
Sincerely,
[redacted]

Zephyr Insurance Company insures against the catastrophic peril of hurricane and conducts business through independent agents throughout the State of Hawaii. Zephyr provides this coverage for several homeowner carriers that do not provide hurricane coverage. To ensure sufficient coverage for the...

risk, Zephyr requires that the coverage A limit, the limit for the home/structure, meet or exceed the underlying homeowner policy coverage A limit to protect the insured from being underinsured or otherwise having insufficient coverage creating the possibility of a co-insurance penalty in the event of a loss.   In this case, the insured’s agent rewrote the insured’s homeowner policy through [redacted] Insurance and estimated the replacement cost, coverage A limit, to be $482,000. When the insured was told by the agent that he needed to increase his coverage A limit on the Zephyr policy also, he reached out to Zephyr directly. He was advised by Zephyr that the new estimated replacement cost for the homeowner policy prompted the change to the Zephyr hurricane policy to match the homeowner policy’s increased limit. The insured was insistent that the hurricane limit not be increased and was informed by Zephyr that an exception could be made if he signed a statement that he is requesting the lower limit of $396,000 on the Zephyr policy and understands the risk involved if it is underinsured. The insured’s agent drafted up the letter and the insured has refused to sign it.   As there have been a number of verbal and written communications with the insured and his agent noting the possibility of his home being underinsured in the event of a loss, we consider the insured informed on this issue and will continue his original coverage to policy expiration at which time his policy will not be renewed unless it meets Zephyr’s guidelines.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and I just need to said that I  did call the company for not to renew or/and extend the insurance at February and nobody told me that I need to write e-mail or letter to confirm at that time .But any way ,Mortgage company made me have no  choice on  this situation.I only can accept  that this resolution is satisfactory to me.But I will not renew the policy on coming years.
Sincerely,
[redacted]

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